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M

any Israeli companies
have experienced dra-
matic changes of for-
tune.
Lannet has probably known
more than most. The go-go Israeli
stock first traded on Wall Street
in the early 1990s. Its share price
soared over $30 as the company
quadrupled sales, quintupled
profits and tripled earnings per
share in two years, between 1990
and 1992. Then, in 1993, sales
slammed into a wall, profits and
earnings per share went sharply
into reverse and the stock price
collapsed. Investors abandoned
the company as one more promis-
ing growth stock that had run its
course.
But in 1994 the company came
back with a vengeance. It in-
creased sales by more than 40
percent and profits and earnings
per share shot up again. Almost
as fast as they had deserted the
company, investors clambered
back aboard. Not only was this a
hot growth stock again (in a sexy
high-tech area), but it was a com-
pany that had proved it could re-

cover from adversity. Analysts
who had cooled on the company
and all but stopped covering it re-
turned, their enthusiasm re-
newed.
A little-known brokerage
house, Cruttenden, was a partic-
ularly aggressive buyer of stock.
It drove up the price and there
was speculation that Canadian
giant Northern Telecom might be
contemplating a bid for the com-
pany. In time, the enthusiasm,
almost inevitably, waned. The
Northern Telecom rumors came
to naught and the stock ran out
of steam.
The stock has slipped back
from its highs. According to some
observers, now may be the time
to buy for those who missed the
recovery-driven surge. Having
fallen as low as $6, Lannet soared
to $25 in 1994 (it was the best per-
forming stock on NASDAQ in the
fourth quarter of 1994) but has
since slipped back to around the
$18 level.
Founded in 1985, Lannet
makes switching hubs for use in
local area computer networks.